It seems to me land, housing and commercial property has pretty much leveled out. Perhaps a few buyers making panic purchases to lock in loans while interest rates start climbing. An interesting purchasing decision if so.
I will bet that if interest rates climb another 3% the entire "investment" dynamic changes. You can purchase anything at any price provided cheap credit is there to drive the bidding frenzy which drives asset prices higher. Remove the cheap credit and you remove the bidding frenzy which, by default, halts the price escalation. And now the "investment" is solely assessed on its earning potential.
Do you buy an asset where the price escalator stopped working or do you move your wealth elsewhere.
But we don't know what comes next. Negative interest rates maybe. Or a buying frenzy to purchase anything tangible as Amazon stock is sold off because people start to think that just maybe a 334:1 P/E may not be a good retirement investment.
Interesting times a head. All dependent on what the bankers do.